The 82-page document also entails a reduction of three-eights of one percent from New Jersey's seven-percent sales tax, elimination of the estate tax and select income tax reductions. Ostensibly, it ends in eight years.

A significant reason for this course of action is that the money now being deposited in the fund is going straight to pay debts amounting to $20,000,000,000. Some would be structured to allow another $12,000,000,00 in borrowing during the next eight years.

By reliable estimates, the value of the tax cuts won't exceed the revenues reaped by the tax increase until 2025.